Irish lessor Avolon sold 16 aircraft during the 2018 third quarter and delivered 14 while its customer base of airlines grew.   

The Dublin-based lessor had an owned and managed fleet of 571 aircraft at the end of the three-month period, a slight increase on the 567 it had at the end of the same quarter a year before. It also had total orders and commitments for 319 new technology aircraft as of Sept. 30.

Its owned, managed and committed fleet was slightly lower than a year ago at 890 aircraft compared with 915 at the end of the third quarter 2017 while its customer base grew to 156 airlines from 151 previously, spread across 64 countries. 

Avolon said it carried out a total of 39 lease transactions, including new leases, second leases and extensions. It delivered 14 aircraft to eight customers, including two transitions. It also sold 16 aircraft, including 4 to Jade Aviation, its joint venture with Cinda. 

The company reported fleet utilization of 100% for the quarter and said its average owned fleet age was 5.1 years, with an average lease term remaining of 6.8 years at the end of the quarter. 

Avolon also confirmed that ORIX Aviation Systems purchase of a 30% stake in Avolon from Bohai Capital for $2.2 billion, announced in August, should complete during the fourth quarter of the year. 

Avolon paid a previously announced dividend of $240 million during the quarter to facilitate the repayment of all outstanding intercompany loans between Avolon and its parent Bohai, as a precursor to the sale. 

It also raised incremental new debt capital of $2.1 billion during the quarter and repaid $365 million in TLB-1 debt, which had a maturity of April 2020, as part of a previously stated aim of increasing the level of unencumbered assets within its portfolio.

Helen Massy-Beresford,